Member Info for thelearner

3.245 million. Have not posted here for a while but keeping up to date reading here and ggpchat at times. Average is 8p.

Nero cannot argue with your post. Juniors have been in doldrums. When I see what Calibre paid for Marathon Gold and Valentine, can understand how hard it is to get good value from a sale, and I have previously posted this cannot go on forever and JM/MC need a plan B to take us to production.

When you see what Calibre have done it's very impressive. Built low cost high production mines, used profits to diversify to other safer jurisdictions, make acquisitions and grow using profits, adding value for SH.

Like man̈y others thought mining sector sentiment had to change, still waiting. I invest in some funds, tech sector outperforming anything. I am not a trader, on reflection should have been trading, but I guess like many struggle to find time, although if important you can always find the time.

Calibre purchased marathon Gold and the Valentine mine, by issuance of new shares to Marathon gold shareholders, announced Nov 23 and completed Jan 24. Calibre shareholders owned 65% of Calibre and Marathon SH held 35% of Calibre after transaction was completed.

Calibre purchased Marathon’s shares at C$0.84 apiece, with the gross transaction equity value consideration totalling C$345m on a fully diluted in-the-money basis. This was about £190 million.

At the time Valentine project was construction 50% completed with 72% of procurement done, C$190 million already spent, with a further C$318 million (£180 million) to spend. Production will start Q2 2025.

Reserves 2.7Moz and measured & indicated resources 4.0 Moz. Initial 12 years production 195,000 oz at AISC of $US1007/oz.

All this was happening when we were trying to sell La India, but calibre look to have secured a far better deal with valentine in Canada, unless I have missed something.

If the plan all along was to sell CNR assets, we should have drilled more and proved up more reserves. I do think MC/JM planned to build a mine and take it to production, but something changed their mind and decided to go for the sale, maybe the rising gold price who knows, but we should have done a raise and proved more reserves. We are trying to see something with potentially a lot of Oz's in ground - but this does not have anything like the value of proven reserves that have been drilled.

Calibre have another updated presentation on their website a couple of days ago.

Nicaragua in 2024 doing 100 to 134km of drilling at El Limon to prove up more reserves. This is a smaller mone than Libertad and no spare capacity at El Limon.

Libertad has over 1mt per year spare capacity, but I think is 200km from La India, and I think would cost a lot to truck ore there for processing.

They have another couple of assets to look at developing in USA and strong emphasis on diversification.

They have an AISC of around $1000,, and have delivered strong growth. They have enough on their plate for now without looking to build another mine in Nic. The slides say they have cash of around $100m but they are not debt free?

Smart move would have been to take profit from CNR in mid 30's and invest in Calibre,

Would love Calibre to be buyer and would be happy with Calibre paper but just cannot see it.

They acquired Nevada assets in 2022, and Valentine mine in Canad in Jan 2024, build and exploration drilling ongoing, expect gold production in Q2 2025.

So 1,000,000 warrant shares issued at 22p to Jim, Mark, employees and consultants - £220K into coffers to pay wages etc I'd assume. We may a little while to wait yet - hope not. Like all I'd love 60p or higher, but TBH to get out of here would take 35p now. Losing patience. That would be a small profit for me, not sure if it would be as much as interest in bank, and really feel for all those with much higher averages who have been here a long time and let down by Jim, Mark. We should have drilled more and proved up more reserves if a sale was what was planned all along, but really we should have built the mine and gone into production as SH were promised many times.

So some posters expect SH who live a long way away from London to travel to AGM at great expense and time required to find out information that is going to be shared at AGM by chairman and CEO.

Lets be honest, if Chair and CEO (who attended AGM remoteley?) have shared informattion at AGM to SH attendees, which so far they have chosen not to share with all other SH's - this is a disgrace, and anyway they cannot share information that cannot be shared with all SH or markets or they are in breach of the law.

Maybe I have got it wrong, but my take is no real new information was divulged to attendees of AGM, other than maybe we are confident we will sell the company with possibly some time frame mentioned.

I find the silennnce and not sharing of information by those that attended either bemusing, or they are enjoying teasing other members of this board.

I suspect like many other SH's - I would like our chair and CEO to update us on the sale progress and whether we have a backup plan to finance and build a mine, alone or with JV. Without this backup plan, the ppower in the sale process is all wwith the allegedly single intterested party.

I have been invested here for years, but not so long as many. Live in Northern Scotland so AGM attendance is not feasible for me - be different if I was sitting on a large profit but like many currently at a loss.

AGM could easily have been livestreamed - but even the information being given to shareholders is extremely poor. I was brought here by JM enthusiasm and urging PI's to climb onboard - he is not so keen to engage with his shareholders now. As usual interests of major investors and the board being put way ahead of that of the lowly PI's.

Like many just hoping they can get the sale done, and if not have an alternative plan to build a mine, turn this into a profitable company and go and drill and prove up more resources - that was always what I wanted to see when I invested and was led to believe by the chairman and board.

Away, was not aware of any Middle Eastern bidders. Have been back through my CNR posts,as I am sure I posted somewhere on here that oil and gas rich Middle Eastern countries are now investing and buying mines, all so far in Africa, and Saudi investing in domestic mining.

https://www.al-monitor.com/originals/2024/03/uae-eyes-zambia-mine-minerals-race-heats-against-saudi-arabia-china

Had a look at Calibre presentation from 15th May. The closest mine to La India is El Limon, small 0.5mta plant, not sure it has spare capacity.

La Libertad mine has 1mt per annum spare capacity I think is 200km from La India. Says ore trucing costs are 12 us cents per km, per ton. For 1 Mt per year I think that's a 24 million dollar cost. I worked it out this morning but lost my post, figure could be wrong. Be better building the mine? We have the Sag mill but cannot recall the cost.

I would love Calibre to be a buyer, but I now think after reading this presentation, the Chinese are only buyers and that's why ìts taking so long. Hope I am wrong.

I posted this on 1st April 23

"Of course all of us here would like a bidding war. But best not to get carried away - companies will put a valuation on the asset of CNR as a whole - and will not exceed their maximum purchase price - a bidding was though may mean nobody can buy it below their maximum purchase price.

I think a Chinese company may be favourite - Chinese miners seem to go for assets in low cost regions, biggest one operating abroad is Zijin Mining Group, The year 2022 was a big year for Zijin Mining in terms of M&A. The company completed 10 acquisitions within the year, spending a total of RMB 31.9 billion, more than any other company in the industry. They are already operating in South America."

Since then Tibet Acquisition https://www.zijinmining.com/news/news-detail-119845.htm

15% stake in Solaris Canada https://www.reuters.com/markets/deals/chinas-zijin-mining-takes-15-stake-canadas-solaris-2024-01-11/

Although this article from 2022 is interesting - Zijin downgrade due to large number of acquisitions on the books. https://www.fitchratings.com/research/corporate-finance/zijin-mining-group-co-ltd-24-11-2022

Mega toll mining deal to process CNR for 20 years, no chance IMHO. Calibre in strong position now to take the lo if they want, unless the Chinese are very interested. CNR now very attractive buy with POG trajectory, but many will not risk investing in Nicaragua. Calibre already there and Chinese happy to invest in South America.

Up to JM now what he is willing to accept, if deal is not struck soon has JM the desire to raise finance to build a mine?

He has already said we are not miners but that would be some about turn.

I do not think there will be any retaliation or restrictions on Nicaragua for this action. Hope I am not wrong for our sake here, if indeed a sale is being negotiated with Calibre.

It's a truly horrendous situation in the middle east in Gaza, and in Eastern Europe in Ukraine. War - the rich get richer and all the suffering is endured by those at the bottom of the pile. I would like to see peace everywhere, but extremely difficult to achieve.

When I first bought CNR 4 or 5 years ago, I had watched a very convincing JM say gold going to $5000 and how could I not believe a self made billionaire?

I think everything has a market value based on supply and demand, and if the price gets too high, demand decreases and price falls, unless there really is supply shortage in extreme.Even like this, if its unaffordable for the masses or the market buyers, they look for cheaper alternatives or we have huge recession.

Commodities will rise in price, gold is getting harder to find, finds can be deeper underground and extraction and production costs more.

Oil is interesting, demand should decrease, but new oil will also be more expensive to produce. Copper will be very interesting.

Who knows, certainly not me given my AIM picks. Mining exploration is slow and tough and finding a commercial deposit and becoming a producer is even more difficult, and the hand of the private investor is always much weaker than directors and ceos.

Disconnected between gold pricè rise and miner share prices. If you listen to Rick Rule he says this lag exists in every gold price rise, and the lag for junior explorers is longer than the lag for big producers. He also says that right now, even although gold has increased so have extraction costs and for majors so far no real increase in net profits.

But he is very bullish on future gold price, and says silver also lags gold but likely silver price increase will be greater.

I guess like many here, hoping for news soon. I would take 40p now but hoping for more, rather than wait another year for 50 or 60p. Nicaraguan got will want to see a mine here producing revenue in the not too distant future.

I would be happy if Calibre buy the asset or Condor and we get Calibrebshares. My preference is to get the deal done, we have waited long enough now. I would like to get my initial investment back to move to GGP and some profit to buy something, maybe an EV.

I still think the Chinese are favourites to buy Condor.

Hi Lupi - agree LCCM has swallowed a lot of cash for no return, I'd like if anything to see a JV partner on board for that - asset disposal or sale for LCCM unlikely to happen - few years ago we spent a lot of money on fixing/maintaining equipment - which has lain idle for years again, with probably no maintenance again.

They are selling magnetite - in 2023 sold appx 17,500 tons for just shy of $1.5 million, so hopefully 2024 sales will increase to more than double that - or possibly even more - but I will only believe it when I see the quarterly or half yearly updates, then we will see how much profit comes from it - even if Cobre comes really good - long road ahead. Nobody is wishing this company can be successful more than me - but history is certainly not on the shareholders side here.

dvh you have so many shares you will never be able to sell them all - the only hope here is that this ****show bod get lucky at leigh creek or redmoor and do get some increased revenue from cobre to allow them to fund something.

Am I on the only long suffering LTH here who shuddered when he saw the words "major client" AKA Brenda in the RNS - is she out of jail and back in business :-)

Seriously let's hope this time the sales volumes keep high and can be increased - when I first invested Cobre was going to pay for everything but has not been the case the last few years.

Nobody has to declare >3% if they are still in the process of acquiring more shares.

https://www.condorgold.com/investors/share-info shows the 4 major holders.

There are outstanding warrants

3,333,332 warrants at exercise price 15p. Expiry date 25 May 2024

5,803,570 warrants at exercise price 35p. Expiry date 17 June 2025

I'd imagine the bulk of these warrants are all owned by the directors.

Like many others - hoping this sale gets done soon.